Business
Dangote Cement Increases Capacity With New Plants In West Africa
Dangote Cement PLC has concluded plans to expand its production capacity through the construction of a new 6Mt integrated cement plant in Itori, Ogun State.
In a related development, the cement manufacturing giants will soon deploy grinding plants in Ghana and Cote d’Ivoire to ensure cement becomes available in all African countries.
Group Managing Director, Dangote Cement, Arvind Pathak, made the disclosure at the Closing Gong Ceremony on the Trading Floor of the Nigerian Exchange Ltd (NGX), which also served to introduce him as the new Group Managing Director of Dangote Cement to the dealing members of the Exchange.
He divulged that these form part of his company’s strategy to strengthen local production of Dangote Cement across the African market.
He said, “We have successfully completed our 0.4 million tonnes grinding plant in Ghana and are on track to complete our 1.5 million tonnes grinding plant in Cote d’Ivoire.
“In addition, we are strengthening our local production capacity efforts to meet future demand with a 6Mt integrated cement plant in Itori, Ogun State.”
According to him, with the Itori plant, Nigeria can now look forward to increased exportation of cement with the potential of enabling more diversification and foreign exchange inflows for the economy.
He maintained that Dangote Cement was proud of its strong ties with the NGX and would always look forward to embracing new ways to engage and foster this partnership.
The Exchange, he opined, “is very important to Dangote Cement as it provides a platform for our stock to be traded, as well as the means to raise funds through the capital market”.
Pathak described the NGX as “one of the regulatory bodies which we comply with. Dangote Cement has made great strides in our debt capital market journey, from the issuance of our maiden ₦100 billion 5-year bond in 2020 to another landmark bond issuance, where we raised ₦116 billion.”
He added that Dangote Cement has also received numerous recognitions from capital market regulators and players, including the best issuer in terms of the fixed income listings by the Nigerian Exchange Limited (NGX) in 2022.
Earlier, Chief Executive Officer, Nigerian Exchange Limited, Temi Popoola welcoming the delegation from Dangote Cement lauded the company on its 2022 full-year financial results.
He expressed joy at the opportunity to welcome the largest listed company on the Exchange and called for more collaborations that would help to deepen the capital market.
Popoola said that the NGX through its activities and initiatives has boosted investors’ confidence which can be seen in the appreciation of listed equities adding that the goal of the Exchange is to innovate and help more businesses to grow.
Part of the innovation he disclosed is the new USSD scheme that makes it possible to access the NGX services on mobile phones.
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months
The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.
Business
FHC Orders NUPRC to Comply with PIA
Business
Local Firms Lead Revival of Idle Oil Wells – SPE
Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.
The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.
According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.
“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.
He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.
The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.
“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”
He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.
He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.
“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”
ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products
Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.
According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.
He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.
“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”
Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.
“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”





